Likewise for the Nasdaq. In this case there is a convergence at 4,323/5 which is the August swing low, 61.8% Fib retracement, and the 200-day MA.
The Russell 2000 is the one index which remains below highs, and so is vulnerable to sellers looking to take profits in the rally from the deep discount October swing low. The index is in positive territory relative to the Nasdaq, although this is drifting into whipsaw territory.
For tomorrow, the narrow intraday action for today sets up a swing trade opportunity: trade break of high/lows with a stop on flip-side.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. You can read what others are saying about Zignals on Investimonials.com.
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